In 2002, E.J. Woo, a director of Hynix Semiconductor, faced a critical decision: Should he approve US-based Micron Technology’s acquisition of Hynix’s semiconductor business? Woo had been appointed to Hynix’s board to represent the company’s bank creditors after Hynix reported enormous losses. Without the deal, Hynix won’t be able to repay its lenders. The Korean government and the company’s bank creditors are pushing for the sale, yet some members of Hynix’s board say the offer undervalues the company. In this case, students are presented with the factors influencing Korea’s macroeconomic environment at that time, background on the ever-changing semiconductor industry, and Hynix’s financial statements to determine how Woo can best represent the creditors’ and Hynix’s interests.